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Market
Will medical debt be removed from credit reports by the end of 2025?
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Bernie Sanders•Ro Khanna•Jeff Merkley•Rashida Tlaib•United States•Medical Debt Cancellation Act•Americans
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Credit reporting agencies' official statements and major financial news outlets
Story
Sanders, Khanna, Merkley, Tlaib Propose Bill to Eliminate $220 Billion in U.S. Medical Debt
May 8, 2024, 05:52 PM
U.S. Senator Bernie Sanders and Congressman Ro Khanna, along with Senators Jeff Merkley and Representatives Rashida Tlaib, have introduced a new legislative bill aimed at eradicating medical debt in the United States. The proposed 'Medical Debt Cancellation Act' seeks to eliminate approximately $220 billion in medical debt affecting millions of Americans. This bill includes provisions to wipe such debt from credit reports and prevent creditors from collecting on past medical bills. Additionally, the bill outlines the creation of a federal grant program designed to cancel all medical debt. The lawmakers highlighted the severe impact of medical debt on Americans, noting that 40% report carrying such debt and 25% have avoided medical care due to costs.
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